MERRILLVILLE, Ind., May 14, 2013 /PRNewswire/ -- The Board of Directors of NiSource Inc. (NYSE: NI) today declared a quarterly common dividend payment of 25 cents per share, payable Aug. 20, 2013, to stockholders of record at the close of business July 31, 2013. This represents a 4.2 percent increase in the company's dividend and would result in an increase of the annualized dividend from $0.96 to $1.00 per share on NiSource common stock.
"The Board's actions today represent NiSource's commitment to a secure and growing dividend as a key component of our compelling investment proposition," NiSource President & CEO Robert C. Skaggs Jr. said. "Supported by a nearly $30 billion long-term project inventory, our infrastructure-focused strategy also is anticipated to deliver annual earnings growth of 5 to 7 percent – underpinned by our commitment to investment-grade credit ratings."
In 2012, NiSource's Board of Directors indicated it planned to grow the dividend on an annual basis of 3 to 5 percent. In addition, it adopted a general policy targeting a dividend payout in the range of 60 to 70 percent of net operating earnings per share (non-GAAP).
About NiSourceNiSource Inc., based in Merrillville, Ind., is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.8 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available via the Internet at www.nisource.com. NI-FForward Looking StatementsThis news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, plans, belief or current expectations of NiSource and its management. Although NiSource believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that the forward-looking statements in this release are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the matters set forth in the "Risk Factors" Section and the Note regarding forward-looking statements in NiSource's 2012 Form 10-K and subsequent filings on Form 10-Q, many of which are risks beyond the control of NiSource. NiSource expressly disclaims a duty to update any of the forward-looking statements contained in this release. SOURCE NiSource Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV